Weak Market Conditions for Housing Starts
First written in FY2016-Q3. 17 of 38 entries say "Worsened", first in FY2018-Q1. Latest entry: 2026-07-31.
Ainavo Holdings moved to the "Worse" side of this theme in 2023, 3 years after the typical company in this theme (2020).
The whole theme swung hardest in 2020: 35 of 50 companies on the "Worse" side.
10 other companies' latest entry also says "Mitigated".
- 2026-07-31MitigatedEarnings
「New housing starts also began to recover from April this year.」
The company stated that new housing starts began to recover from April, revising its previous description of continued declines and limited prospects for recovery. It did not indicate that market risks had ended. - FY2026-H1WorsenedAnnual report
「In the detached housing market, business sentiment in the home renovation market remained generally around the previous year's level, but the decline in new housing starts had become entrenched, and recovery was not expected in the near term.」
While the renovation market was generally around the previous year's level, the decline in new housing starts had become entrenched, and the description shifted to state that recovery was not expected in the near term. - FY2025WorsenedAnnual report
「In the housing and construction-related market in which the Group operates, housing demand for new construction continued to slow because of soaring housing prices caused by higher building material and labor costs, as well as the impact of amendments to the Building Standards Act and the Act on the Improvement of Energy Consumption Performance of Buildings that took effect in April 2025.」
In addition to soaring housing prices, the impact of amendments to the Building Standards Act and the Act on the Improvement of Energy Consumption Performance of Buildings that took effect in April 2025 was noted, providing specific evidence of the slowdown in demand for new housing. - FY2025-H1WorsenedAnnual report
「In the detached housing market, business sentiment in the home renovation market remained generally around the previous year's level. New housing starts remained at approximately 800,000 units annually, similar to the previous year, while for-sale detached housing starts were substantially below the previous year, and no recovery was expected in the near term.」
New housing starts remained at approximately 800,000 units annually, while for-sale detached housing starts were substantially below the previous year, and recovery was not expected in the near term. - FY2024WorsenedAnnual report
「In the housing and construction-related industries, a challenging business environment is expected, including a decline in construction investment and housing demand due to higher housing interest rates, construction costs and real estate prices.」
The decline in construction investment and housing demand was projected against a backdrop of higher housing interest rates, construction costs and real estate prices, specifying the market risk factors. - FY2024-Q2RestatedAnnual report
「In the detached housing market, business sentiment in the home renovation market remained generally around the previous year's level. Although new rental housing starts were slightly below the previous year, new starts for both for-sale detached and owner-occupied homes had become routinely lower than the previous year, raising concerns that they could remain at even lower levels going forward.」
While the renovation market was generally around the previous year's level, new starts for for-sale detached and owner-occupied housing had become routinely lower than the previous year, and concerns about even lower levels continued. - FY2024-Q1WorsenedAnnual report
「In the detached housing market, business sentiment in the home renovation market remained generally around the previous year's level. However, new housing starts for both for-sale detached and owner-occupied homes had become routinely lower than the previous year, raising concerns that they could remain at even lower levels going forward.」
While the renovation market was generally around the previous year's level, new starts for for-sale detached and owner-occupied housing had become routinely lower than the previous year, and concerns about even lower levels were noted. - FY2023Resilient housing demand alongside downside risksAnnual report
「Demand for new detached and for-sale housing is expected to remain resilient, supported by low interest rates on housing loans and various government measures to support home purchases. Private non-residential investment and public investment are also expected to remain on a recovery trend, supported by improved corporate earnings and the implementation of budgets to stimulate the economy. However, a challenging business environment is also expected, including a decline in construction investment and housing demand due to inflation, subdued wage growth, trends in housing interest rates, higher construction costs and rising real estate prices.」
While a recovery in residential and non-residential investment was projected, downside risks to demand from inflation, wages, interest rates, construction costs and real estate prices were also noted. - FY2023-Q3WorsenedAnnual report
「Although new rental housing starts were generally above the previous year, new owner-occupied housing starts remained below the previous year for 18 consecutive months through May of this year, and for-sale detached housing starts did so for 7 consecutive months. Despite the effect of the increase in the previous year, they had not reached pre-pandemic levels, and conditions lacked strength.」
The year-on-year decline in new owner-occupied housing starts continued for 18 consecutive months, and the decline in for-sale detached housing starts continued for 7 consecutive months, extending the lack of strength in the housing market from the previous quarter. - FY2023-Q2WorsenedAnnual report
「Although new starts for for-sale detached and rental housing were generally above the previous year, owner-occupied housing starts remained below the previous year for 15 consecutive months through February of this year. Despite the effect of the increase in the previous year, they had not reached pre-pandemic levels, and conditions lacked strength.」
The year-on-year decline in new owner-occupied housing starts continued for 15 consecutive months, extending from 12 consecutive months in the previous quarter. Although for-sale detached and rental housing starts exceeded the previous year, owner-occupied housing had not reached pre-pandemic levels, and the lack of strength in the market continued. - FY2023-Q1RestatedAnnual report
「In the detached housing market, business sentiment in the home renovation market was generally around the previous year's level. New starts for for-sale detached and rental housing were generally above the previous year, but owner-occupied housing starts remained below the previous year for 12 consecutive months through November of the previous year, and conditions lacked strength.」
The renovation market, for-sale detached housing and rental housing were generally above the previous year, while owner-occupied housing starts remained below the previous year for 12 consecutive months, and the lack of strength in the market continued. - FY2022New housing demand relatively steady, but concerns about the outlookAnnual report
「In the housing-related industry in which the Group operates, demand for home renovations is expected to remain on a recovery trend, supported by the increase in existing properties and rising prices for new properties. However, demand for new detached and for-sale housing may decline depending on inflation, subdued wage growth and long-term interest rates.」
The recovery in renovation demand and relative strength in part of new housing demand were noted, alongside the possibility that inflation, wages and long-term interest rates could cause new housing demand to decline. - FY2022-Q3WorsenedAnnual report
「Although new starts for for-sale detached and rental housing exceeded the previous year consecutively, owner-occupied housing starts remained below the previous year consecutively from December of the previous year, and conditions lacked strength.」
While starts for for-sale detached and rental housing exceeded the previous year, owner-occupied housing starts remained below the previous year consecutively from December of the previous year, providing renewed evidence of weakness in the housing market. - FY2022-Q2RestatedAnnual report
「Business sentiment in the home renovation market was generally above the previous year, while new starts for for-sale detached and rental housing exceeded the previous year consecutively, and conditions generally continued on a recovery trend.」
The recovery trend continued, with the renovation market and new starts for for-sale detached and rental housing exceeding the previous year, reconfirming that weakness in the housing market had been partially mitigated. - FY2022-Q1MitigatedAnnual report
「In the detached housing market, business sentiment in the home renovation market remained above the previous year, supported by improvements in the spread of the novel coronavirus and year-end demand. New owner-occupied housing starts exceeded the previous year for more than 1 consecutive year, and conditions were strong overall, including new for-sale detached and rental housing starts.」
The renovation market was above the previous year, and new owner-occupied housing starts also exceeded the previous year for more than 1 consecutive year, easing the weakness in the housing market. - FY2021MitigatedAnnual report
「Demand for home renovations is on a recovery trend, and demand for new detached and for-sale housing is also expected to recover, particularly among people receiving temporary income, amid low interest rates.」
Demand for home renovations and for new detached and for-sale housing was described as either recovering or expected to recover. However, the disclosure also stated that overall construction-related demand could not be expected to expand. - FY2021-Q3Recovery in the market alongside concerns about the outlookAnnual report
「New housing demand remained strong, with new owner-occupied housing starts exceeding the previous year for 7 consecutive months through May and for-sale detached homes also increasing for the first time in 18 months. At the same time, concerns about the impact of new coronavirus variants and the wood shock caused by shortages of imported timber made the outlook difficult to assess.」
While new housing demand for owner-occupied and for-sale detached homes recovered, new concerns about the outlook arising from new variants and the wood shock were also noted. - FY2021-Q2MitigatedAnnual report
「In the detached housing market, business sentiment in the home renovation market was generally above the previous year after the lifting of the first state of emergency, although inquiries and orders stagnated under the second state of emergency. Meanwhile, new owner-occupied housing starts were above the previous year for 4 consecutive months through February, but rental housing and for-sale detached homes remained well below the previous year. Overall, conditions continued to lack strength.」
New owner-occupied housing starts exceeded the previous year for 4 consecutive months through February, and the renovation market also generally returned to year-on-year growth. However, weakness in rental housing and for-sale detached homes continued, leaving market risk only partially mitigated. - FY2021-Q1WorsenedAnnual report
「In the detached housing market, business sentiment in the home renovation market was above the previous year, supported by the sluggishness following the previous year's consumption tax increase and year-end demand. However, new owner-occupied housing starts remained below the previous year for 15 consecutive months through October, and rental housing also continued to remain well below the previous year. Overall, conditions continued to lack strength.」
Although the renovation market was above the previous year, new owner-occupied housing starts remained below the previous year for 15 consecutive months and rental housing also remained weak, so weakness in the detached housing market continued. - FY2020WorsenedAnnual report
「With regard to construction investment trends, which have a significant impact on the Group's performance, government measures to support home purchases have continued in the housing market and mortgage rates have remained low, but new housing starts have continued to decline. Going forward, there are concerns that rising uncertainty about economic conditions will shrink construction demand.」
Although mortgage rates remained low, new housing starts continued to decline, raising concerns about a contraction in construction demand. - FY2020-Q3WorsenedAnnual report
「In the detached housing market, new starts for owner-occupied homes remained below the previous year for 11 consecutive months through June, while new rental housing starts also remained well below the previous year. Business sentiment in the home renovation market also deteriorated substantially from the previous year, and conditions continued to lack strength.」
The year-on-year decline in new owner-occupied housing starts continued for 11 consecutive months, while rental housing remained weak and business sentiment in the renovation market also deteriorated. - FY2020-Q2WorsenedAnnual report
「In the detached housing market, new starts for owner-occupied homes remained below the previous year for 8 consecutive months through March, while new rental housing starts also remained well below the previous year. Although business sentiment in the home renovation market had temporarily begun to recover from the deterioration following the consumption tax increase, concern about the impact of the novel coronavirus was growing, and conditions continued to lack strength.」
Owner-occupied housing starts remained below the previous year for 8 consecutive months, and the sharp year-on-year decline in rental housing starts continued. Concerns about the impact of the novel coronavirus were added in the renovation market, deepening the weakness in the detached housing market. - FY2020-Q1WorsenedAnnual report
「In the detached housing market, new starts for owner-occupied homes remained below the previous year for 4 consecutive months through November, while new rental housing starts also remained well below the previous year. Business sentiment in the home renovation market was likewise sluggish because of the impact of front-loaded demand ahead of the consumption tax increase, and conditions continued to lack strength.」
Owner-occupied housing starts fell below the previous year for 4 consecutive months, while the sharp decline in rental housing starts and sluggishness in the renovation market compounded the weakness, causing market risk to deteriorate again. - FY2019Specific market risk factorsAnnual report
「If conditions arise in which new housing starts decline substantially because of a reduction or abolition of the mortgage tax relief scheme, increases in the consumption tax or long-term interest rates, or other factors, this could affect the performance of the Group.」
The risk of declining housing starts was linked specifically to mortgage tax relief, the consumption tax and increases in long-term interest rates. - FY2019-Q3RestatedAnnual report
「In the detached housing market, new starts for owner-occupied and for-sale detached homes were generally above the previous year, and demand for home renovations also remained on a recovery trend ahead of the consumption tax increase. However, new rental housing starts remained well below the previous year, and conditions continued to lack strength.」
While housing starts for owner-occupied and for-sale detached homes and renovation demand were described as being on a recovery trend, the decline in rental housing starts and the lack of strength across the market continued. - FY2019-Q2MitigatedAnnual report
「In the detached housing market, new starts for owner-occupied and for-sale detached homes were generally above the previous year. Demand for home renovations also remained above the previous year ahead of the consumption tax increase, and the detached housing market as a whole continued to recover.」
Housing starts for owner-occupied and for-sale detached homes and demand for home renovations were above the previous year, and the detached housing market as a whole was described as being on a recovery trend. - FY2019-Q1MitigatedAnnual report
「Although new detached-home starts and owner-occupied housing starts were generally above the previous year's levels, rental housing starts continued to decline. Demand for housing renovations was also estimated to be at about the same level as the previous year, and the detached-house market overall continued to lack momentum.」
Although housing starts for owner-occupied and for-sale detached homes were generally above the previous year, the decline in rental housing starts and the lack of strength across the market continued, leaving the risk only partially mitigated. - FY2018Gradual decline in the overall housing market, with mixed trends by product categoryAnnual report
「In housing-related markets, interest in home purchases remained strong due to the effect of low mortgage rates. Starts of owner-occupied homes and detached homes for sale were generally flat, while starts of rental housing, where there was a sense of oversupply, and condominiums, where selling prices were rising, declined. Overall housing starts therefore declined gradually from the previous year.」
Owner-occupied homes and detached homes for sale were flat, while rental housing and condominiums declined, resulting in a gradual decline in overall housing starts. - FY2018-Q3RestatedAnnual report
「In the detached-house market, as of May, total new housing starts had remained below the same month of the previous year for 6 consecutive months from October, the start of the fiscal year, through March. Owner-occupied housing starts were also below the previous year's level in every month except January, indicating an overall lack of momentum.」
New housing starts continued to fall below the previous year's levels, and the view that the detached-house market generally lacked momentum remained unchanged. - FY2018-Q2WorsenedAnnual report
「In the detached-house market, total new housing starts were down year on year for 8 consecutive months as of February, indicating a lack of momentum.」
The year-on-year decline in total new housing starts continued for 8 consecutive months, making the lack of momentum in the housing market increasingly clear. - FY2018-Q1WorsenedAnnual report
「In the detached-house market, total new housing starts were down year on year for 5 consecutive months as of November, while owner-occupied and rental housing starts were each down for 6 consecutive months by type of use. Although this was partly a reaction to the relatively strong year-on-year increases in the corresponding months of the previous year, the lack of momentum was undeniable, and the situation called for even closer attention to future demand trends.」
Total new housing starts were down year on year for 5 consecutive months, while owner-occupied and rental housing starts were down for 6 consecutive months, heightening concerns about weak housing demand. - FY2017Diverging strength across the housing marketAnnual report
「Private residential investment increased, although starts of condominiums for sale declined due to persistently high construction costs and rental housing starts showed signs of stabilizing amid measures in response to inheritance taxes. Starts of owner-occupied homes, however, remained firm against a backdrop of low interest rates.」
While condominium starts for sale declined and rental housing starts stabilized, owner-occupied housing starts remained firm, and housing market trends were described by segment. - FY2017-Q3RestatedAnnual report
「In the detached-house market, new housing starts followed a gradual recovery trend, supported by low interest rates and inheritance tax measures.」
New housing starts were described as following a gradual recovery trend, as in the previous quarter. - FY2017-Q2RestatedAnnual report
「In the detached-house market, new housing starts followed a gradual recovery trend, supported by low interest rates and measures in response to higher inheritance taxes.」
New housing starts were described as following a gradual recovery trend, as in the previous quarter. - FY2017-Q1MitigatedAnnual report
「In the detached-house market, new housing starts followed a gradual recovery trend, supported by low interest rates and measures in response to higher inheritance taxes.」
The explanation of new housing starts shifted from a situation lacking momentum to a gradual recovery trend. - FY2016-Q3First statedAnnual report
「The main factors behind the revenue increase were that, although new housing starts lacked momentum, they generally remained in positive territory year on year, sales and construction for detached houses progressed smoothly, and revenue from 東京サッシ販売 and other companies made wholly owned subsidiaries in October 2015 contributed to results.」
The disclosure stated that new housing starts lacked momentum but generally remained in positive territory year on year.